India Spices
Coriander down; turmeric up on improved export demand
This story was originally published at 19:53 IST on 31 December 2024
Register to read our real-time news.Informist, Tuesday, Dec. 31, 2024
By Anjali Lavania
MUMBAI – Futures contracts of coriander fell, while those of turmeric and jeera rose on the National Commodity and Derivative Exchange on Tuesday. Turmeric prices rose due to increased buying in local and global markets. Similarly, jeera prices rose due to a weaker production outlook ahead, supported by a fall in the area, according to analysts at SMC Global Securities.
At 1846 IST, the most active January contract of CORIANDER was down 0.3% at INR 8,086 per 100 kg on sluggish exports in 2024 in the wake of reduced buying by China, according to SMC Global Securities. However, shrinking arrivals and lower production estimates are likely to support firmness in prices in the long term, it said. In the near term, coriander futures are likely to move in the range of INR 7,800-INR 8,400.
At 1846 IST, the most active April contract of TURMERIC rose 2.6% to INR 14,980 per 100 kg as buying for Ramzan started and export demand from West Asia and other neighbouring countries improved, according to SMC Global Securities. Moreover, turmeric futures jumped significantly on increased buying in both local and global markets. In the near term, turmeric is likely to trade in the range of INR 14,300-INR 15,000.
At 1846 IST, the most active January contract of JEERA was up 0.6% at INR 24,510 per 100 kg due to improved local and export demand, low sowing, and ramzan buying, according to SMC Global Securities. As of Dec. 30, around 464,000 ha had been sown under jeera, as against 552,000 ha a year ago. In the near term, jeera futures are likely to trade in the range of INR 23,700-INR 25,000.
Contract | Exchange | Unit (kg) | Price (INR) | Change (INR) |
Coriander Jan | NCDEX | 100 | 8,086 | -24 |
Jeera Jan | NCDEX | 100 | 24,510 | 160 |
Turmeric Apr | NCDEX | 100 | 14,980 | 380 |
End
Edited by Akul Nishant Akhoury
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